City of Frankfort

Capital of Kentucky

Finance Department

DEPARTMENT OF FINANCE OVERVIEW

The Department of Finance is responsible for:

  • Preparation of the monthly financial statement.
  • Overseeing the completion of the annual financial audit and the preparation of the comprehensive annual financial report.
  • Treasury management including the collection of revenues, investment of government funds, and payment of operating expenses.
  • Administering the city retirement fund.
  • Preparation of an annual budget including performing financial analysis of special projects.
  • Reviewing and maintaining adequate internal controls.

The primary responsibility of the Finance Department is the receipt of revenues and disbursement of expenditures.

The Finance Department is responsible for collecting all occupational and regulatory license fees, general property taxes, and other fees.

Start up a Business:
Business License Brochure
Business License Application
Home Office License Questionnaire
Commercial Business License Questionnaire
Kentucky ABC Application
Franklin Co. Health Department (Food)

*Additional Forms Below
 

License Fees

Occupational License Fee

An Occupational License Fee is imposed on the wages of those employees working within the city limits at the rate of 1.95% of all salaries, wages, commissions and other compensation including deferred compensation, earned for work and or services performed in the city.

Net Profit License Fee

An Annual Net Profit License Fee is levied on all persons, fiduciaries, corporations, and associations engaged in the occupation, trade, profession or other business earned for work performed within the city. The rate is equal to the greater of 1.95% of the net profit or $60.00.

Any corporation, association, individual, fiduciary, or other entity which receives income from real estate rentals with annual gross receipts in excess of $100,000 is presumed to be in the rental business, and is subject to the greater of 1.95% of the net profit or $60.00.

The Net Profit License Fee is assessed equally on both residents and non-residents performing work in the city.

PAYMENT OF LICENSE FEES

Occupational License Fee

For an employee, the employer must withhold the occupational license fee from any payment made for services performed or work done in the city. The employer is responsible to remit the employee withholdings to the city on a quarterly filing basis.

Net Profit License Fee

Each entity conducting business inside the city, not classified as an employee, must make an application for an occupational business license before commencement of activity and pay the initial sixty ($60.00) minimum license fee. Issuance of the occupation business license requires the licensee to file the annual Net Profit License Fee return for each year or part of year business activity takes place in Frankfort. The Net Profit License Fee return is due 105 days after the close of the organization's established federal tax year. Failure to file the Net Profit License Fee return results in the automatic revocation of the Occupation Business License.

Finance Frequently Asked Questions